mo4ch:>US debt to hit 144% of GDP in 30yrs & keep growing with no end in sight – CBO | Mo4ch News
US federal debt is projected to soar in the next 30 years, reaching 144 percent of GDP by 2049, according to a report from the Congressional Budget Office (CBO) released on Tuesday.The nonpartisan CBO expects federal debt to increase from a projected 78 percent of GDP by the end of 2019 (the highest since just after WWII), to 92 percent by 2029 and 144 percent by 2049.“That level of debt would be the highest in the nation’s history by far, and it would be on track to increase more,” according to the CBO.The US national debt has already climbed above $22 trillion. It is projected to continue rising by a trillion each year over the next decade, due to the cost of pensions and medical care for the retiring Baby Boomers.Also on rt.comHistory made: US national debt tops $22 trillionOn Tuesday, CBO Director Phillip Swagel said: “The prospect of such large deficits over many years, and the high and rising debt that would result, poses substantial risks for the nation and presents policymaker…